Sat, 15th Mar 2025

This week's Insurance News Wrap from Financial Services Online details recent developments in the Australian insurance sector. Advancements in insurtech boost the sector, with over 293 insurtech start-ups in Australia and New Zealand raising more than $1.6 billion over the past 12 years. Government incentives, mature start-up ecosystems, and advanced technologies play a role. Legal issues arise, as AIG Australia denies a company's cyber scam coverage, highlighting the need for businesses to understand insurance policy terms, particularly surrounding digital risks. Australia Underwriting stands out for tackling high-risk cases, supporting broker relationships, and developing innovative risk solutions. Finally, the Australian Financial Complaints Authority calls on Hollard to raise compensation after previously failing to resolve a mould contamination dispute, setting a standard for insurers in similar cases.